Yesterday afternoon, when developer SJP Properties ofParsippany, NJ, broke ground for the first of two 13-story,550,000-sf buildings of Waterfront Corporate Center, the city tookthe latest step in its dramatic resurgence. Wiley will occupy400,000 sf on seven floors of the first building. Insignia/ESGrepresented Wiley in negotiations for the space and is the leasingagent for the rest of Waterfront Corporate Center.

"My wife grew up nearby in Union City," recalls Wiley chairmanWilliam J. Pesce, "and I grew up in Fairview. I used to come toHoboken on Saturday nights. We've been away for years; not faraway, but away. But looking around, what I see in terms of what hasbeen accomplished here is just stunning.

"We looked at a number of options in Manhattan, in the suburbs,and even outside the region," Pesce continued. "But Hoboken has aneighborhood feeling, and it has great diversity. We liked that alot." The state provided Wiley with incentives tied to job growththat could be worth $7 million over the next 10 years.